Your 2018 health cover premium
Your health cover premium is set to change on 1st April, 2018. We’ll help you understand the changes, and show you how to get the most value from your health cover.
Are you getting the most out of your cover?
Make sure your cover has what you need, and get the most value with these simple tips.
Know your cover and make the most of it
Getting better value from your cover can be as simple as understanding what’s included. Login to medibank.com.au/members to refresh your knowledge and check our handy tips to help you make the most of your current cover.
Get more back with Members’ Choice
Get 100% back on your annual dental check up when you visit a Members’ Choice dentist1. We've also negotiated maximum agreed prices at Members' Choice providers so you can be clear about what your out of pocket may be for a wide range of Extras services. It helps to have access to a large network of health service providers across the country – find one closest to you.
Make sure your cover suits your needs
Kids moving out? Planning to start a family? Have your health needs changed? It’s always a good idea to see if your cover is moving in the same direction as your life. Chat to one of our team members on
13 23 31 to explore your options, or visit us at a store near you.
You could avoid Lifetime Health Cover loading
The Lifetime Health Cover loading is a government levy that may be applied to premiums if you take up Hospital cover after 1 July following your 31st birthday. A 2% loading is added to your premium for every year you are aged over age 30 and don't hold Hospital cover.
Does your cover have what you need?
Why you should stay covered
There are plenty of reasons to stay covered, for both Hospital and Extras.
Your cover, in your pocket
Your Extras cover is there to help you look after your day-to-day health. To make the most of your Extras, it’s important to know what’s included in your cover. You can check this by downloading the Medibank Mobile App, or by visiting medibank.com/members.
Stay in control
More than financial benefits, your Hospital cover lets you enjoy generally shorter wait times for a range of in-hospital elective procedures. As a private patient you'll also have flexibility over where, when and by whom you'll get treated.
Additional support at the right time
Beyond just helping cover hospital bills, we’re also investing in new and innovative programs such as our Health Concierge2 program. Designed to provide support before and after a hospital procedure, Health Concierge aims to help make recovery as stress-free as possible for eligible patients and their loved ones.
More for members
Another way we’re better supporting our members is through CareComplete, which may help eligible members with chronic conditions like diabetes and heart disease better manage their illness. By working closely with GPs, we've developed a useful range of intergrated health support services such as coordination of care and health coaching. CareComplete is currently available in most major metropolitan and regional areas3.
How our members count on us
$1,082,699,167
Total benefits Medibank paid towards Extras for 2016/17
1,210,571
Number of Hospital admission claims in 2016/17 Medibank paid benefits towards
21,868,511
Number of Extras claims in 2016/17 Medibank paid benefits towards
+28%
Average increase in benefits paid per member over the last 5 years
Medibank Mobile App
Update your details, check your limits and see what your cover includes from your mobile - anywhere, anytime. Download now: Google Play or Apple App Store.
Why premiums are changing
No one likes a price increase, but reviewing premiums allows us to keep pace with rising healthcare costs. Doing so means we can continue to help members like you with the costs of accessing a world-class health system. Here’s what affects the cost of premiums.
Better quality healthcare
In Australia, we enjoy some of the best healthcare in the world. New and improving technologies mean better treatment, but they can come at a price. These technologies are often expensive to implement, and contribute to higher overall costs in the health sector.
A rise in chronic conditions
While we’re living longer, Australians are also being admitted to hospital in record numbers. Chronic conditions such as heart disease and diabetes are increasing year by year.
Our ageing population
As they say, 50 is the new 30, 60 is the new 40, and so on. It’s great news that Australians, on the whole, are living longer. But the longer we live, the more healthcare we’re likely to need.
Decreasing government rebates
The Australian Government Rebate for health insurance has been steadily decreasing each year, which means your premiums may be higher.
Frequently asked questions
Your new premium payment will apply to your next payment after 1 April 2018. Don't forget that you can choose how often we pay your premium - fortnightly, monthly, quarterly, every six months, or every year. To change your premium payment frequency please log in to medibank.com.au/members.
The private hospital system gives you peace of mind and choice.
Shorter wait times: For in-hospital procedures that are considered non-life-threatening or elective, you’re likely to be treated sooner. If it’s a condition that affects your ability to work or causes pain, this becomes really important.
Choice over your specialist: There’s a lot to be said for being able to choose your preferred specialist; even more so if you’re embarking on a health journey like pregnancy, or if it’s a serious illness and your life is quite literally in their hands.
A private room: You are much more likely to get the calm and comfort of a private room whilst in a private hospital (provided one is available and is appropriate for your clinical needs).
A lot of people get caught out thinking they’re too young or too healthy to end up in hospital. Take a look at our new interactive tool that reveals the common procedures that members like you are going to hospital for and the potential costs involved. The results are based on our past claims data and they might surprise you.
Extras
Your Medibank extras cover is there to help with your day-to-day health and could even prevent smaller issues from becoming bigger ones. But you do need to know what’s included in your cover to make the most of it. You can check this through the Medibank mobile app or by logging into My Medibank.
It’s also important to make sure you’re on the right type of cover for where you’re at in life; and that’s why we’re encouraging all our members to take another look at their cover. Give us a call on 132 331 and we’ll take you through a cover review.
We're tackling increasing healthcare costs in a number of ways:
- Working closely with the government on policy reform to reduce costs in heath care.
- Investing in primary care programs for people with chronic conditions to help them stay out of hospital.
- Partnering with the healthcare sector to support better health outcomes for members.
- Developing a number of community programs that help Aussies get healthy and stay healthy like Free + Active.
We want you to make the most of your health cover, so have you registered for My Medibank yet? My Medibank allows you to easily submit claims, check your cover and limits, and make payments when it suits you. Once you sign up, you can also choose to receive health and wellbeing articles, recipes, exclusive member offers and more via email.
Download the Medibank Mobile App on the Apple App Store or Google Play. Or simply register online:
- Visit medibank.com.au/members to log in or register.
- Follow the prompts and switch your contact preferences to email and SMS.
- Be sure to opt in to marketing communication to receive exclusive member offers and discounts.
This really depends on a number of factors including the state of the Australian healthcare system and the general health of Australians at any given time. So, we can't say that premiums won't go up in the future, but we're working hard to both keep premiums down as much as we can, and deliver more value back to our members.
Australian private health insurance is based on a principle called 'Community Rating' which ensures everyone has fair access to private health cover and isn't limited by their claiming history or other factors such as gender or age.
We want you to make the most of your health cover so did you know you can access services like:
- linking your Medibank membership to your flybuys account for even better rewards
- chat online with one of our team about your policy, 24/7
- special offers from some of your favourite brands, including Fitbit®, Palace Cinemas and Sunglass Hut
- gym visits for as little as $8.50 with GymBetter®
- member discounts on Medibank Pet Insurance and Travel Insurance.
And depending on what's included with your policy, (check your cover summary to find out more) you may also be able to:
- talk to Medibank nurses anytime, through our 24/7 Health Advice Line (with Hospital cover).
- get 100% back on your annual dental check-up at a Members' Choice dentist. A two month waiting period applies, and x-rays aren't included.
- get 100% back on optical items like frames, prescription glasses, contacts and more at recognised providers, up to your annual limits. Waiting periods apply and some lens coatings are excluded.
There are several factors that influence the premium changes across our range of cover options, like which state you live in, the kind of cover you have, the excess you’ve chosen, and the general claiming pattern of membership. Your premium could also be impacted by the Australian Government Rebate on private health insurance and the Lifetime Health Cover loading.
Healthcare costs are rising at a higher rate than inflation. Several factors contribute to this: the increasing use and cost of healthcare services, our ageing population, new medical technologies, and a rise in the incidence of chronic conditions. Medibank’s premiums need to keep pace with these rising costs to maintain the quality of cover and to meet our members' healthcare needs.
That said, this is our lowest average premium increase in 17 years and is below the industry average.
No, we’ve paid dividends for many years. The difference now is that instead having of one shareholder, the Australian Government, we now have many shareholders.
No, the main reason premiums are increasing is the rising cost of healthcare. These costs increases are largely being driven by medical inflation and an increase in the frequency of Australians seeking treatment. Medibank’s premiums need to keep pace with these costs to maintain the quality of cover and continue to cover our members' healthcare needs.
That said, this is our lowest average premium increase in 17 years and is below the industry average.
Premium increases are never welcome, but they are necessary to get the right balance between affordability and rising health costs in Australia. In 2017 we paid a record $5.2 billion in benefits to our members. The main reason is the rising cost of healthcare. Australians are accessing more health services, and the costs of these services keep going up. Medibank’s premiums need to keep pace with these costs to maintain the quality of cover and continue to cover our members' healthcare needs.
Your premium change will depend on factors such as the state you live in, the type of cover you’re on, and the general claiming pattern of members.
That said, this is our lowest average premium increase in 17 years and is below the industry average.
We know how important affordable health cover is to you. So we regularly review the way we work to see where we can be more efficient, progressive, and competitive with other health funds.
The industry average is calculated using figures from every health insurer, in every state. It's just a standardised figure. There are several factors that influence your premium, like which state you live in, the kind of cover you have, the excess you've chosen, and the general claiming pattern of members. Your premium could also be impacted by the Australian Government Rebate on private health insurance and the Lifetime Health Cover loading. That said, this our lowest average premium increase in 17 years and is below the industry average.
Things you should know
1 - 100% back on annual dental checkup. Two month waiting period applies. Excludes x rays.
2 - Subject to meeting Health Concierge eligibility criteria.
3 - Subject to meeting CareComplete eligibility criteria. CareComplete is currently available in most metropolitan and regional areas and is not available in the Northern Territory.